Chapter 17: Oligopoly

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Governing Dynamics: Ignore the Blonde...

Comparison of different market structures 0:22
Characteristics of oligopoly 6:06
Examples of oligopoly 9:04
With oligopoly, we study strategic interaction between firms 11:04
The study of game theory 14:44
Example of a two-firm game (duopoly) 17:21
 - The monopoly outcome in this example 24:45
 - The perfect competition outcome in this example 27:02
 - The likely outcome in this example 28:56
      - The incentive to collude 29:31
      - Collusion is unlikely 31:10
The conflicting incentives of self interest and group interest 38:47
The prisoner's dilemma 40:58
 - The game matrix 45:31
 - How to find the likely outcome of the game 50:43
      - Dominant strategies 53:00
      - The Nash Equilibrium 56:20
Under what conditions is it more likely to observe cooperation (collusion)? 1:00:54
Portrayal of Nash equilibrium in A Beautiful Mind 1:06:31
Another duopoly example (low price vs high price) 1:12:10
Advertising as a dominant strategy 1:21:28
The nuclear arms race as an example of the prisoner's dilemma 1:30:05
Dirty campaigning as an example of the prisoner's dilemma 1:32:50
Summary of the oligopoly chapter 1:36:18